The Tribune

Branding World Bank findings that it takes 10-11 days to form a company in Bahamas as “unacceptable”, the Attorney General has unveiled a Companies Advisory Committee to tackle the “disturbing” result.

Allyson Maynard-Gibson said: “We are all disturbed about the Bahamas’ ranking at 77th in the World Bank’s IFC Report on the ease of doing business. The Bahamas’ ranking at 77th is down six points from last year’s rating at 71st. The details of the chart show that it takes 10 – 11 days to form a company. This is unacceptable. It is possible to form a company in minutes.”

The Committee will advise the Government on ways to improve company registration in the Bahamas, thereby enhancing the ease of doing business.

Its members are Damian Gomez, minister of state for legal affairs; Jacinda Butler; Donna Smith; Felix Stubbs; Aliya Allen; Cherise Cox-Nottage, Michelle Pindling-Sands; Donna Lee-Harding; Antoinette Russell; Robin Scavella; and Debi Williams.

The Government has hired IBM to work with its vendor and Registrar General’s Department to deliver company registrations “within minutes”, Mrs Maynard-Gibson said.

She added: “We are drafting amendments to the Companies Act and the IBC Act to create a ‘Schedule Company. Financial and corporate service providers incorporating a Schedule Company will be able to do so within minutes.

“They will fill in all the required fields and pay online. This will result in the ability to immediately obtain online a certificate of incorporation. We will also provide ability, in respect of these newly-formed companies, to file annual returns and pay annual fees online.

“This will result in the ability to obtain certificates of good standing online in seconds [as opposed to the days or weeks as now is the case].

We have also asked the Advisory Committee to suggest other areas of service that can easily be provided online in Phase 1 of the project, in order for the Bahamas to meet national and international standards, challenges and demands.”

Mrs Maynard-Gibson said the private sector had offered to allo staff from the Companies Section at the Registrar General’s Department to under study the company formation processes they use.

“This will give a first-hand appreciation of private sector demands and operations. With time being of the essence, and ‘time being money’ for the business sector, the turnaround time for doing business within The Bahamas will be reduced substantially,” the Attorney-General said.

She added that IBM had indicated the project, with proper support, will be operational within six months.